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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to __________

Commission file number: 33-92990; 333-285628

TIAA REAL ESTATE ACCOUNT

(Exact name of registrant as specified in its charter)


New York						NOT APPLICABLE
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
C/O TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
730 Third Avenue						10017-3206
New York, New York						(Zip code)
(Address of principal executive offices)

(212) 490-9000

Registrant’s telephone number, including area code

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange of which registered
NONE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

TABLE OF CONTENTS


			Page
Part I	Financial Information
	Item 1.	Unaudited Consolidated Financial Statements
		Consolidated Statements of Assets and Liabilities	3
		Consolidated Statements of Operations	4
		Consolidated Statements of Changes in Net Assets	5
		Consolidated Statements of Cash Flows	6
		Notes to the Consolidated Financial Statements	8
		Condensed Consolidated Schedules of Investments	28
	Item 2.	Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations	33
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	55
	Item 4.	Controls and Procedures	57
Part II	Other Information
	Item 1.	Legal Proceedings	58
	Item 1A.	Risk Factors	58
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
	Item 3.	Defaults Upon Senior Securities	59
	Item 4.	Mine Safety Disclosures	59
	Item 5.	Other Information	59
	Item 6.	Exhibits	60
Signatures			63

PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Unaudited)

(In millions, except per accumulation unit amounts)


	June 30,		December 31,
	2025		2024

ASSETS
Investments, at fair value:
Real estate properties (cost: $12,521.6 and $13,290.0)	$	15,451.0	$	15,607.0
Real estate joint ventures (cost: $5,370.7 and $5,556.8)	5,220.8		5,381.4
Real estate funds (cost: $908.2 and $798.0)	852.2		740.3
Real estate operating business (cost: $620.5 and $491.2)	1,033.1		931.8

Marketable securities (cost: $1,155.9 and $1,211.7)	1,155.9		1,211.8
Loans receivable (principal: $1,094.2 and $1,181.6)	778.9		780.0
Loans receivable with related parties (principal: $70.2 and $97.8)	70.2		97.8
Total investments (cost: $21,741.3 and $22,627.1)	$	24,562.1	$	24,750.1
Cash and cash equivalents	74.5		144.7
Cash held by wholly owned properties	105.0		129.2
Due from investment manager	3.0		—

Other	230.3		221.9
TOTAL ASSETS	$	24,974.9	$	25,245.9
LIABILITIES
Loans payable, at fair value (principal outstanding: $985.4 and $1,634.3)	933.3		1,585.5
Line of credit, at fair value (principal outstanding: $219.0 and $—)	219.0		—
Other unsecured debt, at fair value (principal outstanding: $900.0 and $900.0)	891.3		877.0
Due to investment manager	—		6.9
Accrued real estate property expenses	211.4		242.7


Other	44.4		46.9
TOTAL LIABILITIES	$	2,299.4	$	2,759.0
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	22,217.5		22,028.4
Annuity Fund	458.0		458.5
TOTAL NET ASSETS	$	22,675.5	$	22,486.9
NUMBER OF ACCUMULATION UNITS OUTSTANDING	47.3		47.8
NET ASSET VALUE, PER ACCUMULATION UNIT	$	469.566	$	461.243

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
INVESTMENT INCOME
Real estate income, net:
Rental income	$	314.9	$	334.8	$	636.7	$	684.9
Real estate property level expenses and taxes:
Operating expenses	73.9		85.3		156.8		175.8
Real estate taxes	45.5		51.9		91.4		103.0
Interest expense	13.2		22.0		33.3		44.4
Total real estate property level expenses	132.6		159.2		281.5		323.2
Real estate income, net	182.3		175.6		355.2		361.7
Income from real estate joint ventures	45.2		41.3		96.7		83.8
Income from real estate funds	2.7		0.7		14.9		9.1
Interest income	28.4		27.0		64.8		57.9


TOTAL INVESTMENT INCOME	258.6		244.6		531.6		512.5
Expenses:
Investment management charges	15.8		26.2		34.4		46.8
Administrative charges	13.1		14.5		28.5		34.7
Distribution charges	2.0		4.1		5.1		7.8

Liquidity guarantee charges	15.8		15.9		31.4		32.1
Interest expense	10.5		15.2		20.1		32.2
TOTAL EXPENSES	57.2		75.9		119.5		153.6
INVESTMENT INCOME, NET	201.4		168.7		412.1		358.9
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT
Net realized gain (loss) on investments and debt:
Real estate properties	(482.6)		(176.0)		(670.0)		(111.5)
Real estate joint ventures	(13.0)		(10.1)		(3.5)		(17.9)
Real estate funds	—		(8.4)		—		4.6
Foreign currency translation	0.1		—		0.1		—

Marketable securities	—		(0.1)		—		(0.1)
Loans receivable	(92.9)		0.1		(92.9)		(138.9)
Loans payable	61.7		—		61.7		—
Net realized loss on investments and debt	(526.7)		(194.5)		(704.6)		(263.8)
Net change in unrealized gain (loss) on:
Real estate properties	501.2		(227.2)		612.4		(873.1)
Real estate joint ventures	(46.1)		(97.8)		35.0		(284.5)
Real estate funds	5.4		(16.6)		1.7		(32.3)
Real estate operating business	(27.8)		(12.8)		(28.0)		43.2

Marketable securities	0.1		(0.1)		—		(0.1)
Loans receivable	85.5		(18.9)		86.3		25.0
Loans receivable with related parties	—		(0.4)		—		0.1
Loans payable	(1.0)		(9.1)		3.3		(17.9)
Other unsecured debt	(7.8)		3.7		(14.3)		13.5
Net change in unrealized gain (loss) on investments and debt	509.5		(379.2)		696.4		(1,126.1)
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT	(17.2)		(573.7)		(8.2)		(1,389.9)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	184.2	$	(405.0)	$	403.9	$	(1,031.0)

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(In millions, Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
FROM OPERATIONS
Investment income, net	$	201.4	$	168.7	$	412.1	$	358.9
Net realized loss on investments	(526.7)		(194.5)		(704.6)		(263.8)
Net change in unrealized gain (loss) on investments and debt	509.5		(379.2)		696.4		(1,126.1)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	184.2		(405.0)		403.9		(1,031.0)
FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA
Premiums	648.8		763.7		1,462.8		1,434.5
Purchase of liquidity units by TIAA	—		51.0		—		293.7
Annuity payments	(10.8)		(11.2)		(21.8)		(24.5)
Death benefits	(35.2)		(40.3)		(68.1)		(76.4)
Withdrawals	(692.1)		(802.0)		(1,588.2)		(1,689.4)
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA	(89.3)		(38.8)		(215.3)		(62.1)
NET INCREASE (DECREASE) IN NET ASSETS	94.9		(443.8)		188.6		(1,093.1)
NET ASSETS
Beginning of period	22,580.6		22,969.6		22,486.9		23,618.9
End of period	$	22,675.5	$	22,525.8	$	22,675.5	$	22,525.8

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, Unaudited)


	For the Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	403.9	$	(1,031.0)
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized loss on investments	704.6		263.8
Net change in unrealized (gain) loss on investments and debt	(696.4)		1,126.1
Purchase of real estate properties	(435.4)		—
Capital improvements on real estate properties	(139.1)		(157.1)
Proceeds from sales of real estate properties	462.0		396.1
Purchases of real estate joint ventures, funds and operating business	(335.2)		(263.5)
Proceeds from sales of other real estate investments	286.8		79.3
Purchases and originations of loans receivable	(6.2)		(9.2)
Purchases and originations of loans receivable with related parties	(0.1)		(0.1)

Proceeds from payoffs of loans receivable	0.6		1.9
Proceeds from payoffs of loans receivable from related parties	27.8		—
Decrease in other investments	55.8		6.7
Net change in from/due to investment manager	(9.9)		8.7


(Increase) in other assets	(23.5)		(61.0)
(Decrease) Increase in other liabilities	(38.0)		13.3
NET CASH PROVIDED BY OPERATING ACTIVITIES	257.7		374.0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit borrowings	219.0		121.0
Payments on line of credit	—		(431.0)

Mortgage loan proceeds received	—		2.5

Payments of mortgage loans	(371.9)		(5.6)
Premiums	1,462.8		1,434.5
Purchase of liquidity units by TIAA	—		293.7
Annuity payments	(21.8)		(24.5)
Death benefits	(68.1)		(76.4)
Withdrawals	(1,588.2)		(1,689.4)
NET CASH USED IN FINANCING ACTIVITIES	(368.2)		(375.2)
NET (DECREASE) IN CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH	(110.5)		(1.2)
CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH
Beginning of period cash, cash equivalents, cash held by wholly owned properties and restricted cash	323.9		229.7
Net (decrease) increase in cash, cash equivalents, cash held by wholly owned properties and restricted cash	(110.5)		(1.2)
End of period cash, cash equivalents, cash held by wholly owned properties and restricted cash	$	213.4	$	228.5
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	$	51.7	$	88.9
SUPPLEMENTAL NON-CASH DISCLOSURES
Loan assignment as part of a real estate disposition	$	227.0	$	170.0
Debt forgiven in disposition of property	$	50.0	$	—
Properties assumed as part of a deed-in-lieu of foreclosure agreement	$	—	$	33.1
Interest forgiven in disposition of property	$	11.7	$	—

See notes to the consolidated financial statements

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in millions):


	As of June 30,
	2025		2024
Cash, cash equivalents and cash held by wholly owned properties	$	179.5	$	193.1
Restricted cash(1)	33.9		35.4
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$	213.4	$	228.5

(1) Restricted cash is included within other assets in the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1—Organization and Significant Accounting Policies

Business: The TIAA Real Estate Account (“Account”) is an insurance separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and was established by resolution of TIAA’s Board of Trustees (the “Board”) on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance.

The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures, funds and operating business, as well as investments in loans receivable with commercial real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions).

Segment Reporting: The Account has identified the Managing Director, Portfolio Management, and Head of TIAA Real Estate Account and Managing Director, Annuities Product Management, as the chief operating decision makers (“CODMs”), who use Investment Income, Net and Net Change in Net Assets Resulting from Operations, as presented in the Consolidated Statements of Operations, to evaluate the results of operations and to manage the Account. The measure of segment assets is reported on the Consolidated Statements of Assets and Liabilities as Total Assets. The Account’s operations constitute a single operating segment and therefore, a single reportable segment, because the CODMs manage the business activities using information of the Account as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described below. The Account has no major tenants.

Interim Financial Information: The Consolidated Financial Statements of the Account as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report pursuant to the rules of the SEC. As a result, these Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Account’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”).

Use of Estimates: The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material.

Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. Certain prior period amounts have been reclassified for comparative purposes to conform to the current period financial statement presentation. These

reclassifications had no effect on previously reported results of operations. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated.

The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and contract owner transactions, as well as purchases and sales of liquidity units by TIAA, effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions.

Significant Accounting Policy Updates: There have been no changes to the Account’s significant accounting policies as described in the Account’s 2024 Form 10-K.

Recent Accounting Pronouncements: In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, intended to (1) provide investors and other allocators of capital with more decision-useful information in a joint venture’s separate financial statements and (2) reduce diversity in practice in this area of financial reporting. The amendments in ASU 2023-05 require that a joint venture, upon formation, apply a new basis of accounting. As a result, a newly formed joint venture should initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASU 2023-05 are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. Management adopted the guidance effective January 1, 2025. Management also adopted the guidance for joint ventures formed prior to January 1, 2025 and neither have a material impact on the Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than 5 percent of total income taxes paid). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on our financial statements as well as the method by which we will adopt the new standard. Management does not expect the guidance to have a material impact to the Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement— Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information is generally not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently assessing the impact this standard will have on our Consolidated Financial Statements as well as the method by which we will adopt the new standard.

Note 2—Related Party Transactions

Investment management, administrative and distribution services are provided on an at-cost basis to the Account by TIAA and one of its subsidiaries. All such services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly.

Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management guidelines for the Account are subject to review by the Account’s independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account.

Part of TIAA’s compensation for provision of at cost investment management services to the Account includes reimbursement of costs incurred by TIAA to manage certain of the Account’s joint ventures. Such joint ventures also reimburse the Account directly in its capacity as general partner or managing member (collectively, the “GP”) of the joint venture in the form of an asset management fee for GP-related services provided by the Account, and such fee is based on a percentage of the fair market value of the underlying properties held in the joint venture.

The Account is a party to a distribution agreement for the contracts issued by TIAA and funded by the Account, dated January 1, 2008 (the “Distribution Agreement”), by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”), a wholly-owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof.

In addition to providing the services described above, TIAA may charge the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually.

Once an Account contract owner begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA’s assumption of this risk.

TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 from the U.S. Department of Labor (“PTE 96-76”). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account’s net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent contract owner withdrawal activity and the Account’s expected working capital, debt service and cash needs, and subject to the oversight of the Account's independent fiduciary. If the Account cannot fund contract owner withdrawal or redemption requests from the Account’s own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as “liquidity units”). TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in

good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account’s contract owners.

Pursuant to its existing liquidity guarantee obligation, beginning August 31, 2023 through the year ended December 31, 2024, the TIAA General Account purchased a cumulative total of 1.8 million liquidity units issued by the Account, amounting to $911.3 million. The Account did not experience significant net contract owner outflows during the second quarter of 2025, and the TIAA General Account was not required to purchase any liquidity units. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA’s ownership should not exceed (the “trigger point”), has established the trigger point at 45% of the outstanding accumulation units. As of June 30, 2025, the TIAA General Account owned approximately 3.91% of the outstanding accumulation units of the Account. The independent fiduciary will continue to monitor TIAA's ownership interest in the Account and provide further recommendations as necessary.

Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in Note 14—Financial Highlights.

The Account has loans receivable outstanding with related parties as of June 30, 2025. Two of the loans are with a joint venture partner and the other loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2024 Form 10-K. References to “SOFR” in the table below and elsewhere in these Notes mean the Secured Overnight Financing Rate, a benchmark interest rate based on the U.S. Treasury bond repurchase market that has largely replaced the discontinued LIBOR (London Interbank Offered Rate) for U.S. dollar-denominated instruments. The following table presents the key terms of the loans as of the reporting date (in millions):


				Related Party	Equity Ownership Interest	Interest Rate	Maturity Date	Fair Value at
Principal								June 30, 2025		December 31, 2024
2025		2024
$	36.5	$	36.5	MRA Hub 34 Holding, LLC	95.00%	2.50% + SOFR	8/26/2025	$	36.5	$	36.5
0.5		0.5		MRA 34 LLC	—%	3.75% + SOFR	8/26/2025	0.5		0.5
4.7		4.6		MR MCC 3 Sponsor, LLC	—%	6.00%	12/1/2025	4.7		4.6
—		27.7		THP Student Housing, LLC(1)	97.00%	6.10%	6/30/2026	—		27.7
28.5		28.5		TREA SV 355 West 52nd Street	95.00%	5.20%	6/14/2027	28.5		28.5
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES								$	70.2	$	97.8

(1) Loan was paid off by the borrower in the first quarter of 2025.

Note 3—Concentrations of Risk

Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry.

As of June 30, 2025, the Account had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Account. Moreover, the Account's tenants have no notable concentration present in any one industry.

The Account’s wholly-owned real estate investments and investments in joint ventures are primarily located in the United States. The following table represents the diversification of the Account’s portfolio by region and property type as of June 30, 2025:


Diversification by Fair Value(1)
	West(2)		South(3)		East(4)		Midwest(5)		Foreign(6)		Total
Industrial	18.7	%	10.8	%	3.2	%	2.4	%	—	%	35.1	%
Apartment	8.2	%	10.6	%	8.8	%	0.6	%	—	%	28.2	%
Office	4.3	%	4.8	%	6.9	%	0.2	%	—	%	16.2	%
Retail	4.6	%	4.8	%	3.2	%	0.7	%	—	%	13.3	%
Other(7)	2.3	%	2.5	%	1.5	%	0.3	%	0.6	%	7.2	%
Total	38.1	%	33.5	%	23.6	%	4.2	%	0.6	%	100.0	%

(1)Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

(2)Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY.

(3)Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX.

(4)Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV.

(5)Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI.

(6)Represents developable land investments in Ireland and United Kingdom.

(7)Represents interests in Storage Portfolio investments, a hotel investment and land.

Note 4—Leases

The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2115. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of June 30, 2025 and December 31, 2024, are as follows (in millions):


	As of
Years Ended	June 30, 2025			December 31, 2024
2025	$	288.0	(1)	$	604.0
2026	550.3			549.2
2027	483.3			465.0
2028	397.4			375.0
2029	323.9			301.3
Thereafter	1,130.3			1,029.1
Total	$	3,173.2		$	3,323.6

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2025.

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and lease liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively.

The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions):


	As of
	June 30, 2025			December 31, 2024

Assets:
Right-of-use assets, at fair value	$	38.9		$	37.4
Liabilities:
Ground lease liabilities, at fair value	$	38.9		$	37.4
Key Terms:
Weighted-average remaining lease term (years)	61.3			63.0
Weighted-average discount rate(1)	8.70		%	8.56		%

(1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.

For both the six months ended June 30, 2025 and 2024, operating lease costs related to ground leases were $1.2 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions):


	As of
	June 30, 2025			December 31, 2024
Years Ended
2025	$	1.4	(1)	$	2.6
2026	2.7			2.6
2027	2.8			2.7
2028	2.8			2.7
2029	2.9			2.7
Thereafter	467.1			443.2
Total	$	479.7		$	456.5

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2025.

Note 5—Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows:

•Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges.

•Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations.

•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market contract owners would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

An asset or liability's categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See Note 1—Organization and Significant Accounting Policies of the Account's 2024 Form 10-K for further discussion regarding the use of a practical expedient for the valuation of real estate funds.

The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions):


Description	Level 1: Quoted Prices in Active Markets for Identical Assets		Level 2: Significant Other Observable Inputs		Level 3: Significant Unobservable Inputs		Total at June 30, 2025
Real estate properties	$	—	$	—	$	15,451.0	$	15,451.0
Real estate joint ventures	—		—		5,220.8		5,220.8

Real estate operating business	—		—		1,033.1		1,033.1
Marketable securities:

U.S. government agency notes	—		741.4		—		741.4
Reverse repurchase agreements	—		312.3		—		312.3
U.S. treasury securities	—		102.2		—		102.2


Loans receivable(1)	—		—		849.1		849.1

Loans payable	—		—		(933.3)		(933.3)
Line of credit	—		—		(219.0)		(219.0)
Other unsecured debt	—		(891.3)		—		(891.3)


Description	Level 1: Quoted Prices in Active Markets for Identical Assets		Level 2: Significant Other Observable Inputs		Level 3: Significant Unobservable Inputs		Total at December 31, 2024
Real estate properties	$	—	$	—	$	15,607.0	$	15,607.0
Real estate joint ventures	—		—		5,381.4		5,381.4

Real estate operating business	—		—		931.8		931.8
Marketable securities:
U.S. government agency notes	—		701.4		—		701.4

U.S. treasury securities	—		510.4		—		510.4


Loans receivable(1)	—		—		877.8		877.8

Loans payable	—		—		(1,585.5)		(1,585.5)

Other unsecured debt	—		(877.0)		—		(877.0)

(1) Includes loans receivable with related parties.

The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2025 and 2024 (in millions):


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(2)		Total Level 3 Investments		Loans Payable		Line of Credit
For the three months ended June 30, 2025
Beginning balance April 1, 2025	$	15,546.3	$	5,234.5	$	1,058.8	$	852.6	$	22,692.2	$	(1,355.8)	$	—
Total realized and unrealized (losses) gains included in changes in net assets	18.6		(59.1)		(27.8)		(7.4)		(75.7)		60.7		—
Purchases(1)	392.6		47.6		2.1		4.2		446.5		—		(219.0)
Sales	(506.5)		—		—		—		(506.5)		—		—
Settlements(3)	—		(2.2)		—		(0.3)		(2.5)		361.8		—
Ending balance June 30, 2025	$	15,451.0	$	5,220.8	$	1,033.1	$	849.1	$	22,554.0	$	(933.3)	$	(219.0)


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(2)		Total Level 3 Investments		Loans Payable		Line of Credit
For the six months ended June 30, 2025
Beginning balance January 1, 2025	$	15,607.0	$	5,381.4	$	931.8	$	877.8	$	22,798.0	$	(1,585.5)	$	—
Total realized and unrealized (losses) gains included in changes in net assets	(57.6)		31.5		(28.0)		(6.6)		(60.7)		65.0		—
Purchases(1)	578.9		91.3		129.3		6.3		805.8		—		(219.0)
Sales	(677.3)		—		—		—		(677.3)		—		—
Settlements(3)	—		(283.4)		—		(28.4)		(311.8)		587.2		—
Ending balance June 30, 2025	$	15,451.0	$	5,220.8	$	1,033.1	$	849.1	$	22,554.0	$	(933.3)	$	(219.0)


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(2)		Total Level 3 Investments		Loans Payable		Line of Credit
For the three months ended June 30, 2024
Beginning balance April 1, 2024	$	17,362.6	$	5,748.8	$	743.3	$	1,093.6	$	24,948.3	$	(1,870.1)	$	(316.0)
Total realized and unrealized (losses) gains included in changes in net assets(4)	(403.2)		(107.9)		(12.8)		(19.2)		(543.1)		(9.1)		—
Purchases(1)	63.1		153.9		—		3.4		220.4		(1.0)		(90.0)
Sales	(407.6)		—		—		—		(407.6)		—		—
Settlements(3)	—		(0.4)		—		(0.5)		(0.9)		172.9		253.0
Ending balance June 30, 2024	$	16,614.9	$	5,794.4	$	730.5	$	1,077.3	$	24,217.1	$	(1,707.3)	$	(153.0)


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(2)		Total Level 3 Investments		Loans Payable		Line of Credit
For the six months ended June 30, 2024
Beginning balance January 1, 2024	$	18,020.3	$	5,881.2	$	685.9	$	1,183.7	$	25,771.1	$	(1,862.5)	$	(463.0)
Total realized and unrealized (losses) gains included in changes in net assets(4)	(984.6)		(302.4)		43.2		(113.8)		(1,357.6)		(17.9)		—
Purchases(1)	145.3		226.0		1.4		9.3		382.0		(2.5)		(121.0)
Sales	(566.1)		—		—		—		(566.1)		—		—
Settlements(3)	—		(10.4)		—		(1.9)		(12.3)		175.6		431.0
Ending balance June 30, 2024	$	16,614.9	$	5,794.4	$	730.5	$	1,077.3	$	24,217.1	$	(1,707.3)	$	(153.0)

(1)Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable and line of credit borrowings.

(2)Includes loans receivable with related parties.

(3)Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable and line of credit.

(4)Includes properties acquired through deed-in-lieu of foreclosure agreements.

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2025.

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Real Estate Properties and Joint Ventures

Office

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.8% - 11.0% (8.5%)

5.5% - 9.5% (6.9%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 12.0% (6.9%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.7% - 8.3% (7.3%)

5.3% - 6.8% (5.7%)

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.5% - 6.3% (5.1%)

Residential

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.5% - 8.3% (7.0%)

5.0% - 7.3% (5.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.5% - 6.5% (5.0%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.5% - 12.0% (7.4%)

5.5% - 9.5% (6.3%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 9.0% (6.0%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

10.0%

8.3%

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.8%

Land

Sales Comparison Approach

Price per projected unit

$55.00(2)

Real Estate Operating

Business(3)

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Growth Rate

13.5%

11.9%

Market Approach

EBITDA Multiple

30.4x

Terminal EBITDA Multiple

20.0x

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

39.9% - 79.2% (59.2%)

7.7% - 43.4% (14.1%)

Industrial

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

0.0% - 0.0% (0.0%)

Residential

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

58.5% - 70.5% (66.7%)

7.4% - 8.5% (7.7%)

Retail & Hospitality

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

66.9% - 66.9% (66.9%)

58.2% - 58.2% (58.2%)

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

43.7% - 79.6% (73.7%)

5.9% - 6.1% (6.0%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple

43.7% - 79.6% (73.7%)

1.1 - 1.8 (1.7)

Industrial

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

30.0% - 40.6% (34.9%)

5.6% - 6.0% (5.8%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple

30.0% - 40.6% (34.9%)

1.1 - 1.1 (1.1)

Residential

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

46.2% - 71.8% (59.0%)

5.1% - 6.7% (5.8%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple

46.2% - 71.8% (59.0%)

1.2 - 1.4 (1.3)

Retail

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

47.6% - 73.4% (53.2%)

6.0% - 8.0% (6.5%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple

47.6% - 73.4% (53.2%)

1.2- 1.5 (1.2)

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2024.

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Real Estate Properties and Joint Ventures

Office

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.5% - 11.0% (8.5%)

5.0% - 9.5% (6.9%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 13.8% (6.9%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.8% - 8.5% (7.3%)

5.3% - 7.0% (5.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.3% - 6.5% (5.3%)

Residential

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.8% - 8.0% (7.0%)

5.0% - 6.8% (5.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.5% - 6.5% (5.1%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

6.8% - 12.0% (7.7%)

5.5% - 9.5% (6.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.3% - 9.0% (6.1%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate
Terminal Capitalization Rate

10.0%

8.3%

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.8%

Land

Sales Comparison Approach

Price per projected unit

$55.00(2)

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Real Estate Operating

Business(3)

Income Approach—Discounted Cash Flow

Discount Rate

12.5

Terminal Growth Rate

10.8

Market Approach

EBITDA Multiple

31.7x

Terminal EBITDA Multiple

20.0x

Loans Receivable,
including those with
related parties

Office

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

52.7% - 78.2% (65.7%)

8.8% - 32.6% (14.5%)

Industrial

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

35.8% - 72.6% (54.3%)

5.3% - 8.3% (6.4%)

Residential

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

69.9% - 72.0% (71.0%)

7.7% - 9.0% (8.1%)

Retail &
Hospitality

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

66.9% - 66.9% (66.9%)

24.0% - 24.0% (24.0%)

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

43.2% - 78.4% (69.9%)

6.0% - 6.5% (6.4%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital
Risk Premium Multiple

43.2% - 78.4% (69.9%)

1.1 - 1.7 (1.4)

Industrial

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

30.0% - 40.5% (34.1%)

6.0% - 6.1% (6.0%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple

30.0% - 40.5% (34.1%)

1.1 - 1.1 (1.1)

Residential

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

45.6% - 73.8% (57.7%)

5.7% - 7.1% (6.4%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital
Risk Premium Multiple

45.6% - 73.8% (57.7%)

1.2 - 1.4 (1.3)

Retail

Discounted Cash Flow

Loan to Value Ratio
Equivalency Rate

48.5% - 73.1% (54.0%)

5.7% - 7.2% (5.8%)

Net Present Value

Loan to Value Ratio
Weighted Average Cost of Capital
Risk Premium Multiple

48.5% - 73.1% (54.0%)

1.2 - 1.4 (1.3)

(1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.

(2) Calculated per Floor Area Ratio and applied to the planned building area that can be constructed on site.

(3) The fair value measurement was additionally based upon information developed by the third-party valuation provider (including recent transactions),

corroborated by the Independent Fiduciary for reasonableness. The valuation provider maintained full weighting to the preemptive rights offering at 100%,

attributable to additional funding from existing investors and new investor participants. Because of this methodology, the Independent Fiduciary recognized

there were no unobservable inputs used by the third party valuation provider to determine the estimated fair value.

Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively.

Line of Credit: The Account's line of credit and term loans under the Credit Agreement are recorded at par as Management believes par approximates fair value due to the short-term nature of the Credit Agreement.

During the six months ended June 30, 2025 and 2024, there were no transfers between Levels 1, 2 or 3.

The amount of total net unrealized (losses) gains included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions):


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(1)		Total Level 3 Investments		Loans Payable
For the Three Months ended June 30, 2025	$	102.0	$	(56.7)	$	(27.8)	$	(7.3)	$	10.2	$	(1.1)
For the Six Months Ended June 30, 2025	$	34.7	$	36.3	$	(28.0)	$	(6.5)	$	36.5	$	3.2
For the Three Months ended June 30, 2024	$	(390.2)	$	(102.3)	$	(12.8)	$	(19.3)	$	(524.6)	$	(9.1)
For the Six Months Ended June 30, 2024	$	(1,003.4)	$	(317.1)	$	43.2	$	(22.7)	$	(1,300.0)	$	(17.9)

(1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Note 6—Investments in Joint Ventures

The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At June 30, 2025, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% to 98.5%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold.

A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Operating Revenue and Expenses
Revenues	$	263.7	$	293.9	$	543.6	$	584.4
Expenses	170.1		174.8		358.0		354.4
Excess of revenues over expenses	$	93.6	$	119.1	$	185.6	$	230.0

Note 7—Investments in Real Estate Funds

The Account has ownership interests in real estate funds (each a “Fund”, and collectively the “Funds”). The Funds are set up as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a Variable Interest Entity ("VIE") as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies of the Account's 2024 Form 10-K for a description of the methodology used to determine the primary beneficiary of a VIE.

No financial support (such as loans or financial guarantees) was provided to the Funds during the six months ended June 30, 2025. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are included in the maximum exposure to loss presented below.

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at June 30, 2025 (in millions):

Fund Name

Carrying Amount

Maximum Exposure to Loss

Liquidity Provisions

Investment Strategy

LCS SHIP Venture I, LLC (90.0% Account Interest)

43.6

Redemptions prohibited prior to liquidation.

To invest in senior housing properties.

The fund is currently in liquidation.

The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.

Veritas - Trophy VI, LLC (90.4% Account Interest)

127.2

Redemptions prohibited prior to liquidation.

To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA").

The Account can sell or transfer its interest in the fund with the consent and approval of the manager.


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
SP V - II, LLC (61.8% Account Interest)	$	85.9	$	92.3	Redemptions prohibited prior to liquidation.	To invest in medical office properties in the U.S.
					Liquidation estimated to begin no earlier than 2029.
					The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.
Taconic New York City GP Fund, LP (60.0% Account Interest)	$	9.3	$	9.3	Redemptions prohibited prior to liquidation.	To invest in real estate and real estate-related assets in the New York City MSA.
					The fund is currently in liquidation
					The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner.
Silverpeak NRE FundCo LLC (90.0% Account Interest)	$	73.0	$	76.7	Redemptions prohibited prior to liquidation.	To invest in alternative real estate investments primarily in major U.S. metropolitan markets.
					Liquidation estimated to begin no earlier than 2028.
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
IDR - Core Property Index Fund, LLC (0.8% Account Interest)	$	34.5	$	34.5	Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability.	To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed.

					The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager.
Townsend Group Value-Add Fund (99.0% Account Interest)	$	188.7	$	218.4	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the U.S. market.
					Liquidation estimated to begin no earlier than 2027.
					The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion
Flagler REA Healthcare Properties Partnership (90.0% Account Interest)	$	17.4	$	17.4	Redemptions prohibited prior to liquidation.	To acquire healthcare properties within the top 50 MSA's in the U.S.
					Liquidation estimated to begin in 2025.
					The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch.
Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)	$	11.3	$	11.3	Redemptions prohibited prior to liquidation.	To acquire office investments across the Southeast.
					Liquidation estimated to begin no earlier than 2026.
					The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager.
Silverpeak NRE FundCo 2 LLC (90.0% Account Interest)	$	61.6	$	84.3	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Liquidation estimated to begin in 2025
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest)	$	100.9	$	110.8	Redemptions prohibited prior to liquidation.	To invest primarily in multi-family properties.
					Liquidation estimated to begin no earlier than 2026.
					The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion

Silverpeak NRE FundCo 3 LLC (90.0% Account Interest)	$	98.8	$	109.2	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Liquidation estimated to begin no earlier than 2026
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
Total	$	852.2	$	935.0

Note 8—Investment in Real Estate Operating Business

The Account has an ownership interest in DataBank, an owner/operator of data centers. The investment represents an opportunity for the Account to continue to grow its digital real estate exposure alongside a market leading owner/operator poised to capture incremental demand nationally. The Account is part of a larger consortium of other investors providing funding to DataBank to enable their planned acquisition of 44 data centers, across 23 markets.

In January 2025, the Account made an additional capital contribution of $127.2 million, which fulfilled the remaining commitment entered into in 2024.

The Account’s investment in DataBank at June 30, 2025, represents an ownership stake of 17.2%.


	June 30, 2025				December 31, 2024
Operating Business	Cost		Fair Value		Cost		Fair Value
	(in millions)				(in millions)
DataBank(1)	$	620.5	$	1,033.1	$	491.2	$	931.8

(1) The Account invests in DataBank through DigitalBridge Zeus Partners, LP and DigitalBridge Zeus Partners III, LP (collectively, the "Databank" investment).

Note 9—Reverse Repurchase Agreements

The Account periodically enters into reverse repurchase agreements with third parties (“Reverse Repurchase Agreements”), which are transactions in which the Account purchases securities with a contractual obligation to resell them at a specific date and price, generally overnight or with a short maturity (e.g., one to seven days). The Account enters into these Reverse Repurchase Agreements pursuant to an existing agreement with State Street Bank & Trust Company (“State Street”) as a part of the liquid, fixed-income investment portion of the Account’s portfolio. The Account’s Reverse Repurchase Agreement (or “repo”) transactions include cash collateral received on securities loaned, certain overdraft credit agreements, and securities purchased under resale agreements. The securities underlying these repo transactions consist primarily of U.S. government and agency securities, which are monitored for market value daily. Under the Account’s existing agreement with State Street, the Account has a right to obtain additional collateral or return excess collateral as market values fluctuate and to sell or repledge securities received as collateral. Repo transactions have the risk that the counterparty to the transaction fails to pay the agreed upon resale price on the delivery date and the value of the collateral after the costs of disposing the collateral and any delay in foreclosing is less than the repurchase price. As of June 30, 2025, the aggregate fair value of securities held by the Account under the Reverse Repurchase Agreements was $312.3 million, which represents less than 1.3% of the Account’s total assets as of June 30, 2025.

Note 10—Loans Receivable

The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):


	June 30, 2025						December 31, 2024

	Principal Outstanding		Fair Value		% of Fair Value		Principal Outstanding		Fair Value		% of Fair Value
Office(1)	$	823.7	$	515.8	60.8	%	$	911.5	$	518.7	59.1	%
Apartment(1)	157.7		153.8		18.1	%	185.0		179.7		20.5	%
Industrial	134.3		134.3		15.8	%	134.3		134.3		15.3	%

Retail	44.0		40.5		4.8	%	44.0		40.5		4.6	%
Land	4.7		4.7		0.5	%	4.6		4.6		0.5	%
	$	1,164.4	$	849.1	100.0	%	$	1,279.4	$	877.8	100.0	%

(1) Includes loans receivable with related parties.

The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are delinquent or in default are generally assigned a D rating unless the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance. Debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers' having adequate financial resources to service their financial commitments, or the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay.

The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of June 30, 2025 (in millions), listed in order of the strength of the risk rating (from strongest to weakest):


	June 30, 2025					December 31, 2024
	Number of Loans	Fair Value		% of Fair Value		Number of Loans	Fair Value		% of Fair Value





BBB+	—	—		—	%	2	199.0		22.7	%
BBB	3	280.8		33.1	%	1	131.5		15.0	%
BBB-	—	—		—	%	1	45.3		5.2	%
BB+	1	99.1		11.7	%	—	—		—	%
BB	—	—		—	%	1	54.7		6.2	%
BB-	2	160.8		18.9	%	1	33.1		3.8	%
B+	2	71.6		8.4	%	—	—		—	%
B	1	88.2		10.4	%	3	231.6		26.4	%

CCC+	1	40.5		4.8	%	1	17.5		2.0	%
CCC	—	—		—	%	1	40.5		4.6	%
CCC-	1	28.5		3.3	%	—	—		—	%
CC	1	9.4		1.1	%	—	—		—	%
C	—	—		—	%	1	26.7		3.0	%
D	5	—		—	%	6	—		—	%
NR(1)	4	70.2		8.3	%	5	97.9		11.1	%
	21	$	849.1	100.0	%	23	$	877.8	100.0	%

(1) "NR" designates loans not assigned an internal credit rating. As of June 30, 2025 and December 31, 2024, all loans with NR designations were with related parties. The loans are collateralized by equity interests in real estate investments.

The Account recognizes interest income from real estate loans when it is earned and deemed collectible, or until the loan becomes past due in accordance with the terms of the loan agreement. Loans are placed in nonaccrual status if they are more than 90 days in arrears or if management determines the full collection of either interest or principal is unlikely. If a loan is not yet matured, any payments received while in nonaccrual status are first applied to reduce any account receivables. Once all accrued interest is collected, subsequent payments are recognized as income. No amounts are applied to the principal balance unless the loan is amortizing. For amortizing loans, payments are allocated between principal and interest based on the terms of the loan agreement. A loan may be returned to accrual status once all past due amounts have been fully repaid and the borrower has demonstrated the ability to meet ongoing payment obligations in accordance with the agreement.

The following table represents loans receivable in nonaccrual status as of June 30, 2025 (in millions).


Aging	Number of Loans	Principal Outstanding		Fair Value
Past Due - 90 Days +	5	$	280.1	$	—

Note 11—Loans Payable

At June 30, 2025 and December 31, 2024, the Account had outstanding loans payable secured by the following properties (in millions):


Property	Annual Interest Rate and Payment Frequency	Principal Amounts Outstanding as of				Maturity
		June 30, 2025		December 31, 2024

1401 H Street NW(6)	7.00% paid monthly	$	—	$	115.0	February 5, 2025
Circa Green Lake(1)	3.71% paid monthly	—		52.0		March 5, 2025
Union - South Lake Union(1)	3.66% paid monthly	—		57.0		March 5, 2025
Holly Street Village(1)	3.65% paid monthly	—		81.0		May 1, 2025
Henley at Kingstowne(1)(2)	3.60% paid monthly	—		64.8		May 1, 2025
32 South State Street(3)	4.48% paid monthly	24.0		24.0		June 6, 2025
One Biscayne(4)	2.45% + SOFR paid monthly	100.0		100.0		July 9, 2025
Reserve at Chino Hills(4)	1.61% + SOFR paid monthly	82.2		82.2		August 9, 2025
Project Sonic(4)	2.00% + SOFR paid monthly	94.0		94.0		September 9, 2025
Vista Station Office Portfolio(2)	4.20% paid monthly	39.2		39.8		November 1, 2025
Spring House Innovation Park(4)	1.36% + SOFR paid monthly	71.2		71.2		July 9, 2026
Marketplace at Mill Creek	3.82% paid monthly	39.6		39.6		September 11, 2027
Overlook At King Of Prussia	3.82% paid monthly	40.8		40.8		September 11, 2027
Winslow Bay	3.82% paid monthly	25.8		25.8		September 11, 2027
Liberty Park	1.80% + SOFR paid monthly	59.8		59.8		December 9, 2027
1900 K Street, NW(2)	3.93% paid monthly	153.5		155.0		April 1, 2028
Ashford Meadows(5)	5.76% paid monthly	64.6		64.6		October 1, 2028
803 Corday(5)	5.76% paid monthly	62.2		62.2		October 1, 2028
Churchill on the Park(5)	5.76% paid monthly	40.5		40.5		October 1, 2028
Carrington Park(5)	5.76% paid monthly	43.8		43.8		October 1, 2028
Five Oak	1.47% + SOFR paid monthly	44.2		44.2		August 9, 2029
99 High Street(6)	7.90% paid monthly	—		277.0		March 1, 2030













Total Principal Outstanding		$	985.4	$	1,634.3
Fair Value Adjustment(7)		(52.1)		(48.8)
Total Loans Payable		$	933.3	$	1,585.5

(1)The principal amount of the outstanding debt was paid off during the first and second quarter of 2025.

(2)The mortgage is adjusted monthly for principal payments.

(3)This loan is currently in default.

(4)The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table.

(5)These loans are part of a cross-collateralized credit facility pursuant to the Credit Agreement.

(6)Debt was extinguished as part of the disposition of the collateral property.

(7)The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1 - Organization and Significant Accounting Policies.

Note 12—Credit Agreement

On September 16, 2022, the Account entered into a credit agreement (the “Credit Agreement”) with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A., comprised of revolving credit loans (“Line of Credit”) up to $500.0 million and up to $500.0 million in term loans (“Term Loans”). On August 11, 2023, the Credit Agreement was amended to increase the revolving credit loans commitment to $1.4 billion and convert the $500.0 million in outstanding term loans into revolving credit loans. The term loans may not be redrawn and all references to Term Loans have been removed from the agreement. The Account may use the proceeds of borrowings under the Credit Agreement for general organizational purposes in the ordinary course of business, including to finance certain real estate portfolio investments. The Account may prepay borrowings under the Credit Agreement at any time during the life of the loan without penalty.

The Account may elect for each borrowing under the Credit Agreement to bear annual interest at an adjusted base rate (“ABR”) or adjusted SOFR plus an applicable margin which is dependent on the leverage ratio of the Account. The applicable margin for adjusted SOFR Revolving Credit Loans ranges from 0.875% to 1.30% and for ABR Revolving Credit Loans ranges from 0.00% to 0.30%. In addition, the Account pays facility fees ranging from 0.125% to 0.20%, depending on the leverage ratio of the Account, on the total revolving commitments (used and unused) under the Credit Agreement.

As of June 30, 2025, the Account was in compliance with all covenants required by the Credit Agreement.

The following table provides a summary of the key characteristics of the Credit Agreement, as of June 30, 2025:

Current Balance - Line of Credit (in millions)

219.0

Maximum Capacity (in millions)

1,445.0

Inception Date

September 16, 2022

Revolving Commitment Termination

September 16, 2025

Extension Option(1)

Yes

ABR Revolving Credit Loans Interest Rate

ABR + Applicable Margin

SOFR Revolving Credit Loans Interest Rate(2)

Adjusted SOFR + Applicable Margin

(1) The Account has two options to extend the Commitment Termination Date for an additional twelve months each. The Account may also request additional funding, not to exceed $55.0 million, at any time prior to the Commitment Termination Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed.

(2) The weighted average interest rate for the three and six months ended June 30, 2025 was 5.289%

Note 13—Senior Notes Payable

In June 2022, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $500.0 million of debt securities, in the form of Series A senior notes (the “Series A Notes”) and Series B senior notes (the “Series B Notes”) that mature in 2029 and 2032, respectively. The Account is obligated to repay the Series A and B Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Series A Notes bear interest at an annual rate of 3.24%, payable semi-annually, and the Series B Notes bear interest at an annual rate of 3.35%, payable semi-annually. The Account may also prepay the Series A and B Notes in whole or in part at any time, or from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if prepaid on or before 90 days prior to the applicable maturity date, a make-whole premium.

On March 21, 2023, the Account entered into another note purchase agreement with certain qualified institutional investors. Under this note purchase agreement, the Account issued $400.0 million of debt securities on May 30, 2023, in the form of Series C senior notes (the “Series C Notes”) that will mature on May 30, 2027. The Series C Notes bear interest at an annual rate of 5.50%, payable semi-annually and are subject to the same prepayment terms as the Series A and B Notes.

As of June 30, 2025, the Account was in compliance with all covenants required by the note purchase agreements.

The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of June 30, 2025:


	Principal (in millions)		Interest Rate	Maturity Date
Series A	$	300.0	3.24%	June 10, 2029
Series B	$	200.0	3.35%	June 10, 2032
Series C	$	400.0	5.50%	May 30, 2027

Note 14—Financial Highlights

Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding.


	For the Six Months Ended June 30, 2025			Years Ended December 31,
				2024			2023			2022

Per Accumulation Unit Data:
Rental income	$	13.404		$	28.407		$	27.323		$	23.751
Real estate property level expenses	5.926			13.098			12.858			11.042
Real estate income, net	7.478			15.309			14.465			12.709
Other income	3.714			7.209			7.539			6.559
Total income	11.192			22.518			22.004			19.268
Interest expense	0.423			1.117			1.339			0.520
Expense charges(1)	2.093			4.701			4.877			4.601
Investment income, net	8.676			16.700			15.788			14.147
Net realized and unrealized gain (loss) on investments and debt	(0.353)			(36.511)			(91.657)			28.011
Net increase (decrease) in Accumulation Unit Value	8.323			(19.811)			(75.869)			42.158
Accumulation Unit Value:
Beginning of period	461.243			481.054			556.923			514.765
End of period	$	469.566		$	461.243		$	481.054		$	556.923
Total return(2)	1.81		%	(4.12)		%	(13.62)		%	8.19		%
Ratios to Average net assets(3):
Expense charges(4)	0.88		%	0.99		%	0.93		%	0.89		%
Investment income, net	3.65		%	3.52		%	3.00		%	2.45		%
Portfolio turnover rate(3):
Real estate properties(5)	3.3		%	2.7		%	1.4		%	5.6		%
Marketable securities(6)	—		%	23.6		%	21.6		%	4.7		%
Accumulation Units outstanding at end of period (millions)	47.3			47.8			48.0			52.1
Net assets end of period (millions)	$	22,675.5		$	22,486.9		$	23,618.9		$	29,658.1

(1)Expenses per Accumulation Unit reflect the year-to-date Account level expenses, which excludes interest expense on Account-level debt and also excludes real estate property level expenses, which are included in real estate income, net. Expense charges are deducted from the net assets of the Account and include fees for investment management services, administrative services, distribution services, mortality and expense risk charges and liquidity guarantee charges, all of which are described further in Note 2 - Related Party Transactions.

(2)Percentages for the six months ended June 30, 2025 are not annualized.

(3)Percentages for the six months ended June 30, 2025 are annualized.

(4)Ratio of expenses to average net assets reflects the year-to-date Account level expense charges, which excludes interest expense on Account-level debt and also excludes property level expenses, which are included in real estate income, net.

(5)Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period.

(6)Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Note 15—Accumulation Units

Changes in the number of Accumulation Units outstanding were as follows (in millions):


	For the Six Months Ended June 30, 2025	For the Year Ended December 31, 2024

Outstanding:
Beginning of period	47.8	48.0
Credited for premiums	3.1	6.3
Credited for purchase of liquidity units by TIAA	—	0.6
Annuity, other periodic payments, withdrawals and death benefits	(3.6)	(7.1)
End of period	47.3	47.8

Note 16—Commitments and Contingencies

Commitments—As of June 30, 2025 and December 31, 2024, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions):


		Commitment Expiration	June 30, 2025		December 31, 2024

Real Estate Funds(1)




	JCR Capital - REA Preferred Equity Parallel Fund	08/2025(2)	9.9		11.5
	Silverpeak NRE FundCo 3 LLC	12/2026(3)	10.4		31.9
	Townsend Group Value-Add Fund	12/2026(2)	29.7		29.7
	Silverpeak NRE FundCo LLC	12/2025(4)	3.7		4.3
	SP V - II, LLC	09/2029(4)	6.4		6.4
	Silverpeak NRE FundCo 2 LLC	12/2026(3)	22.7		22.7

			$	82.8	$	106.5
Loans Receivable(5)














	Project Sonic Senior Loan	06/2026	1.9		1.9
	Project Sonic Mezzanine	06/2026	0.6		0.6


	One Biscayne Tower Senior Loan	07/2025	22.8		25.1
	One Biscayne Tower Mezzanine	07/2025	7.6		8.3
	MRA Hub 34 Holding, LLC	08/2025	1.5		1.5
	The Reserve at Chino Hills	08/2025	—		0.9
	735 Watkins Mill	08/2025	4.6		4.7
			$	39.0	$	43.0
Real Estate Operating Business
	DataBank	03/2025	—		$	126.0
			$	—	$	126.0
	TOTAL COMMITMENTS		$	121.8	$	275.5

(1)Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements.

(2)Commitment terms have expired for these funds, however, outstanding equity to fund are tied to existing deals where the capital will be required. There will be no new deals to fund. Commitment expiration is updated to end of investment terms.

(3)Commitment expiration date represents the Recallable Commitment Term expiration date.

(4)Commitment terms have expired for these funds, however, outstanding equity to fund are tied to existing deals where the capital will be

required. There will be no new deals to fund. Commitment expiration is updated to end of investment term. End of investment term is

defined as the 10th anniversary of the initial closing.

(5)Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of

the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain

extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be

extended through the extension term.

Contingencies—In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Note 17—Subsequent Events

In preparing these financial statements, Management has evaluated events and transactions for potential recognition

or disclosure subsequent to June 30, 2025, through August 6, 2025, the date the financial statements were issued and determined there were no material events or transactions to disclose.

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE PROPERTIES
Location/Sector	June 30, 2025				December 31, 2024
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Alabama
Retail	27.2		0.1	%	27.0		0.1	%
	$	27.2	0.1	%	$	27.0	0.1	%
Arizona
Industrial	71.1		0.3	%	69.7		0.3	%


	$	71.1	0.3	%	$	69.7	0.3	%
California
Industrial	3,054.6		13.5	%	3,177.9		14.1	%
Apartment	1,124.7		5.0	%	1,173.3		5.2	%
Retail	489.0		2.1	%	292.3		1.3	%
Office	61.1		0.3	%	178.2		0.8	%
	$	4,729.4	20.9	%	$	4,821.7	21.4	%
Colorado

Industrial	43.6		0.2	%	42.8		0.2	%
Office	40.3		0.2	%	40.3		0.2	%

	$	83.9	0.4	%	$	83.1	0.4	%
Connecticut
Office	24.0		0.1	%	24.2		0.1	%
	$	24.0	0.1	%	$	24.2	0.1	%
Florida
Apartment	952.7		4.2	%	928.4		4.1	%
Industrial	737.0		3.3	%	723.5		3.2	%
Retail	73.8		0.3	%	69.8		0.3	%

	$	1,763.5	7.8	%	$	1,721.7	7.6	%
Georgia
Apartment	373.5		1.6	%	369.4		1.6	%
Industrial	287.7		1.3	%	250.0		1.1	%
Retail	134.5		0.6	%	132.9		0.6	%
	$	795.7	3.5	%	$	752.3	3.3	%
Illinois
Industrial	270.1		1.2	%	226.9		1.0	%
Retail	149.3		0.7	%	154.1		0.7	%
Apartment	118.1		0.5	%	116.2		0.5	%

	$	537.5	2.4	%	$	497.2	2.2	%
Indiana
Industrial	96.8		0.4	%	95.8		0.4	%
	$	96.8	0.4	%	$	95.8	0.4	%
Maryland
Industrial	86.6		0.4	%	80.0		0.4	%
Apartment	75.7		0.3	%	73.1		0.3	%
Retail	65.1		0.3	%	62.6		0.3	%
	$	227.4	1.0	%	$	215.7	1.0	%

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE PROPERTIES
Location/Sector	June 30, 2025				December 31, 2024
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Massachusetts
Industrial	133.9		0.6	%	132.3		0.6	%
Retail	98.4		0.4	%	110.0		0.5	%
Office	93.1		0.4	%	375.8		1.7	%
Apartment	53.5		0.2	%	53.2		0.2	%
	$	378.9	1.6	%	$	671.3	3.0	%
Minnesota
Industrial	133.8		0.6	%	134.7		0.6	%
Apartment	—		—	%	57.5		0.3	%
	$	133.8	0.6	%	$	192.2	0.9	%
Nevada
Industrial	91.3		0.4	%	—		—	%
	91.3		0.4	%	—		—	%
New Jersey
Industrial	380.3		1.7	%	364.7		1.6	%
Retail	84.5		0.3	%	82.9		0.4	%
	$	464.8	2.0	%	$	447.6	2.0	%
New York
Apartment	259.5		1.1	%	260.2		1.2	%
Office	221.3		1.0	%	249.3		1.1	%
	$	480.8	2.1	%	$	509.5	2.3	%
North Carolina
Retail	97.5		0.4	%	93.4		0.4	%
Apartment	78.7		0.4	%	79.9		0.4	%
	$	176.2	0.8	%	$	173.3	0.8	%
Oregon
Office	62.1		0.3	%	66.1		0.3	%
Apartment	28.2		0.1	%	27.3		0.1	%
	$	90.3	0.4	%	$	93.4	0.4	%
Pennsylvania
Retail	62.8		0.3	%	63.2		0.3	%
	$	62.8	0.3	%	$	63.2	0.3	%



South Carolina
Apartment	88.2		0.4	%	84.6		0.4	%

	$	88.2	0.4	%	$	84.6	0.4	%
Tennessee
Retail	84.0		0.4	%	84.5		0.4	%
Industrial	74.4		0.3	%	70.7		0.3	%
Apartment	38.6		0.2	%	40.3		0.2	%
	$	197.0	0.9	%	$	195.5	0.9	%
Texas
Industrial	1,083.8		4.8	%	1,052.3		4.7	%
Office	616.2		2.7	%	520.0		2.3	%

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE PROPERTIES
Location/Sector	June 30, 2025				December 31, 2024
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Apartment	556.2		2.5	%	608.8		2.7	%
Retail	95.2		0.4	%	—		—	%
Hotel	94.1		0.4	%	92.7		0.4	%
	$	2,445.5	10.8	%	$	2,273.8	10.1	%
Utah
Office	50.6		0.2	%	43.7		0.2	%
	$	50.6	0.2	%	$	43.7	0.2	%
Virginia
Apartment	396.9		1.7	%	387.5		1.7	%
Retail	134.4		0.6	%	129.1		0.6	%
Office	80.5		0.4	%	97.5		0.4	%
	$	611.8	2.7	%	$	614.1	2.7	%
Washington
Industrial	596.5		2.6	%	569.5		2.5	%
Apartment	275.3		1.2	%	266.4		1.2	%
	$	871.8	3.8	%	$	835.9	3.7	%
Washington D.C.
Office	647.2		2.9	%	800.5		3.6	%
Apartment	303.5		1.3	%	300.0		1.3	%
	$	950.7	4.2	%	$	1,100.5	4.9	%
TOTAL REAL ESTATE PROPERTIES
(Cost: $12,521.6 and $13,290.0)	$	15,451.0	68.1	%	$	15,607.0	69.4	%


REAL ESTATE JOINT VENTURES
Location/Sector	June 30, 2025				December 31, 2024
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Arizona
Apartment	33.1		0.1	%	—		—	%
Land	—		—	%	27.5		0.1	%
	$	33.1	0.1	%	$	27.5	0.1	%
California
Office	502.3		2.2	%	500.1		2.2	%
Land	60.8		0.3	%	68.8		0.3	%
Retail	39.6		0.2	%	39.7		0.2	%
	$	602.7	2.7	%	$	608.6	2.7	%
Florida
Retail	399.2		1.8	%	393.3		1.8	%
	$	399.2	1.8	%	$	393.3	1.8	%
Georgia
Apartment	17.8		0.1	%	—		—	%
Land	—		—	%	18.7		0.1	%
	$	17.8	0.1	%	$	18.7	0.1	%
Maryland
Office	35.6		0.2	%	—		—	%

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE JOINT VENTURES
Location/Sector	June 30, 2025				December 31, 2024
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Retail	16.8		0.1	%	17.0		0.1	%
Land	—		—	%	34.0		0.1	%
	$	52.4	0.3	%	$	51.0	0.2	%
Massachusetts
Office	159.9		0.7	%	159.3		0.7	%
	$	159.9	0.7	%	$	159.3	0.7	%
Nevada
Retail	418.1		1.8	%	380.8		1.7	%
	$	418.1	1.8	%	$	380.8	1.7	%
New York
Industrial	63.3		0.3	%	63.1		0.3	%
Apartment	42.8		0.2	%	40.2		0.2	%
Retail	28.8		0.1	%	28.6		0.1	%
Office	21.6		0.1	%	16.6		0.1	%
	$	156.5	0.7	%	$	148.5	0.7	%
North Carolina
Apartment	168.3		0.8	%	155.8		0.7	%
Retail	75.6		0.3	%	70.0		0.3	%
Land	23.5		0.1	%	20.4		0.1	%
Office	21.4		0.1	%	30.9		0.1	%
	$	288.8	1.3	%	$	277.1	1.2	%
South Carolina
Apartment	99.7		0.4	%	69.3		0.3	%
Land	—

TIAA REAL ESTATE ACCOUNT 10-Q